Universal Insurance (NYSE:UVE) Posts Quarterly Earnings Results

Universal Insurance (NYSE:UVE) posted its earnings results on Thursday. The insurance provider reported $1.84 EPS for the quarter, topping analysts’ consensus estimates of $1.62 by $0.22, FiscalAI reports. Universal Insurance had a return on equity of 37.51% and a net margin of 12.22%.The business had revenue of $419.38 million for the quarter, compared to analysts’ expectations of $614.62 million.

Universal Insurance Stock Performance

Shares of UVE stock traded down $0.04 during mid-day trading on Thursday, hitting $37.76. The stock had a trading volume of 176,525 shares, compared to its average volume of 202,932. Universal Insurance has a fifty-two week low of $21.96 and a fifty-two week high of $43.96. The firm has a market cap of $1.05 billion, a PE ratio of 5.59 and a beta of 0.72. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.51 and a quick ratio of 0.51. The company’s 50-day simple moving average is $39.18 and its 200-day simple moving average is $35.53.

Universal Insurance Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 7th. Shareholders of record on Friday, July 31st will be given a dividend of $0.16 per share. The ex-dividend date is Friday, July 31st. This represents a $0.64 dividend on an annualized basis and a yield of 1.7%. Universal Insurance’s dividend payout ratio is presently 9.48%.

Insider Activity

In other news, Chairman Sean P. Downes sold 20,000 shares of the business’s stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $38.22, for a total transaction of $764,400.00. Following the transaction, the chairman directly owned 1,148,255 shares in the company, valued at $43,886,306.10. The trade was a 1.71% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders have sold 60,000 shares of company stock worth $2,332,800 in the last quarter. Insiders own 15.00% of the company’s stock.

Hedge Funds Weigh In On Universal Insurance

Several institutional investors and hedge funds have recently added to or reduced their stakes in UVE. Vanguard Group Inc. raised its stake in shares of Universal Insurance by 5.9% during the 3rd quarter. Vanguard Group Inc. now owns 1,953,721 shares of the insurance provider’s stock worth $51,383,000 after buying an additional 108,660 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Universal Insurance by 19.8% in the 4th quarter. Geode Capital Management LLC now owns 815,484 shares of the insurance provider’s stock valued at $27,566,000 after buying an additional 134,805 shares during the period. Goldman Sachs Group Inc. boosted its stake in shares of Universal Insurance by 9.4% in the first quarter. Goldman Sachs Group Inc. now owns 805,199 shares of the insurance provider’s stock valued at $19,083,000 after buying an additional 69,289 shares in the last quarter. Millennium Management LLC boosted its stake in shares of Universal Insurance by 212.3% in the third quarter. Millennium Management LLC now owns 596,370 shares of the insurance provider’s stock valued at $15,685,000 after buying an additional 405,403 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership grew its holdings in Universal Insurance by 11.5% during the third quarter. Arrowstreet Capital Limited Partnership now owns 506,683 shares of the insurance provider’s stock worth $13,326,000 after acquiring an additional 52,187 shares during the period. Institutional investors and hedge funds own 66.61% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on UVE shares. Piper Sandler cut Universal Insurance from an “overweight” rating to a “neutral” rating and set a $44.00 price objective for the company. in a research note on Wednesday, July 15th. Wall Street Zen cut shares of Universal Insurance from a “strong-buy” rating to a “buy” rating in a report on Saturday, May 2nd. Weiss Ratings reiterated a “buy (b)” rating on shares of Universal Insurance in a research report on Friday, July 17th. Finally, Zacks Research cut shares of Universal Insurance from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, June 23rd. One equities research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $44.00.

About Universal Insurance

Universal Insurance Holdings, Inc (NYSE: UVE) is a property and casualty insurance holding company headquartered in Jacksonville, Florida. The company underwrites homeowners and other residential property insurance products to protect against natural catastrophes such as hurricanes, windstorms and fires. It distributes policies primarily through a network of independent agents and brokers, offering coverage for primary residences, secondary homes, condominiums, vacant dwellings and rental properties across its service territory.

In addition to personal lines, Universal provides commercial property and casualty insurance tailored to small businesses and institutional clients.